Opening Statement of Chairman Gary Gensler, Meeting of the Commodity Futures Trading Commission

December 9, 2010

Good morning. This meeting will come to order. This is a public meeting of the Commodity Futures Trading Commission to consider issuance of the following proposed rulemakings under the Dodd-Frank Wall Street Reform and Consumer Protection Act:

  • The end-user exception to mandatory clearing of swaps;
  • Business conduct standards with counterparties; and
  • Governance requirements for derivatives clearing organizations, designated contract markets and swap execution facilities.

In addition to these proposed rulemakings, the Commission will consider an interim final rule for reporting certain post-Dodd-Frank enactment swap transactions.

Before we hear from the staff, I’d like to thank Commissioners Mike Dunn, Jill Sommers, Bart Chilton and Scott O’Malia for all their thoughtful work to implement the Dodd-Frank Act.

I’d like to welcome members of the public, market participants and members of the media to today’s meeting, as well as welcome those listening to the meeting on the phone or watching the live webcast.

This is the seventh public meeting to consider Dodd-Frank rulemakings. We will have another meeting next week on the 16th, and we are planning to have two additional meetings on Dodd-Frank rulemakings in January. We will continue announce the rulemaking proposals that the Commission will consider at least one week before the meeting.

I would like to thank the staff for all of the work that they have put into drafting the rulemakings we are considering today. I thank them for their thoughtful recommendations for how the Commission can best comply with its statutory obligations under the Dodd-Frank Act.

We look forward to receiving public comments on the proposed rules we are considering today. Each of the rules, as well as fact sheets and “Questions and Answers” on the rules, will be posted to our website shortly.

Before we turn to staff presentations, would any of my fellow commissioners like to make opening statements?

Last Updated: December 9, 2010